Home CryptocurrencyAltcoins Can OpenBazaar Replace Amazon?

Can OpenBazaar Replace Amazon?

by Matthew Harris
, Can OpenBazaar Replace Amazon?

The current undisputed heavyweight champion of the eCommerce world, Amazon.com, may have a lot more title contenders in the very near future if trends continue and a few certain politicians have their way.

Both Joe Biden and Senator Elizabeth Warren have made comments regarding breaking up “monopolies” such as Amazon, Facebook, and Google, but with Bitcoin and various cryptocurrencies having a strong 2019 and alternative shopping sites gaining more and more popularity, could Amazon’s crown be in jeopardy?

OpenBazaar, initially created by Bitcoin enthusiast and computer programmer Amir Taaki as a project called Dark Market, was forked by Brian Hoffman shortly after to build on a bigger vision of an online marketplace for everyone, everywhere. Hoffman began collaborating with Samuel Patterson and Dr. Washingon Sanchez and together they formed the company OB1 to raise funding and build the marketplace we know as OpenBazaar today. The first version of OpenBazaar was released in spring of 2016 and has been enjoying increasing popularity ever since.

There aren’t any fees for listing or selling items, nor even any sort of monthly membership dues or other fees. Unlike numerous other anonymous platforms, many of them accessible only via TOR or the “dark web,” OpenBazaar is designed to be bright, clean and easy to use for anyone while still allowing them more anonymity and privacy than other markets.

This open-source software platform is able to remain free of fees simply because it isn’t a company nor an organization and was built specifically to provide users with the ability to buy and sell for free. OpenBazaar has its own wallet and enables users to buy and sell goods and services with Bitcoin, Bitcoin Cash, Litecoin or Zcash.

So, with so much negative press lately about Jeff Bezos and monopolies, not to mention the growing popularity of decentralized markets and cryptocurrencies, could OpenBazaar be in a position to grab some of the market share? As it sits right now… probably not. While they’ve added better search engines and TOR capabilities along with other updates, the platform still has a ways to go. However, with it’s open-source origins along with ongoing tweaks, fixes, improvements, and ever-growing popularity, it may not be very long at all. Especially if a few certain politicians have their way.

Amazon changed the way the world shops and while it may well take an act of congress to topple the giant, consumers do have viable alternatives. Altcoins are continuing to gain traction throughout commerce, from XRP’s near-explosive growth to Bitcoin ATMs spreading throughout the world, and more and more consumers are looking for platforms that accept cryptocurrency and offer the anonymity of a decentralized marketplace.

If you haven’t checked it out yet, I do recommend giving it a whirl. While there’s nowhere near the wide-ranging selection that Bezos’ world offers, there is quite an interesting array of items for sale. So if you’ve been looking for somewhere to spend your hard earned altcoins, head over to OpenBazaar and see what you think.

This article has been edited to correct the history and specific features as pointed out by OpenBazaar after initial publication.

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